GBPCAD Down 6 Pips On Hourly Chart, 2 Day Up Streak Broken; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated November 11, 2020 0:18 GMT)

At the moment, GBPCAD’s rate is down -6 pips (-0.03%) from the hour prior. GBPCAD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

GBPCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for GBPCAD, which started today off at 1.7118, down 48 pips 0.28% from the previous day. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 25th in terms of percentage change since the previous day. Let’s take a look at price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Notably, GBPCAD crossed below its 20, 50 and 100 day moving averages yesterday. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 50 day average, which is 9 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 17 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!